Offset / Data Validation Question

So I'm using Offset to dynamically generate a Named Range. The statement in names manager looks like this:

=OFFSET(Variable_Lists!$B$5,0,0,COUNTA(Variable_Lists!$B$5:$B1048572),1)

and it describes the named Range "CaseStatus"

Then on another sheet, I use Validation to force the user to pick from the named range CaseStatus, by using Validation, List, =CaseStatus

This works perfectly in Cell P3, and my pulldown list gives me, e.g.

Apples
Oranges
Peaches
Pears

But in Cell P7, my pulldown list only gives me

Apples
Oranges

In cell P9 it is

Oranges

But in cell P12 it is

Apples
Oranges
Peaches

This is just baffling. To my understanding once a Named Range was set, it is consistent everywhere, so even if the range were wrong, it ought to be wrong in every instance. Can anybody shine any light on this?